Financial Services and Markets Act 2023

Pensions U.K.

103 (1) This paragraph applies to—

(a) share transfer instruments, and

(b) property transfer instruments.

(2) An instrument may make provision—

(a) about the consequences of a transfer for a pension scheme;

(b) about property, rights and liabilities of any pension scheme of the CCP.

(3) In particular, an instrument may—

(a) modify any rights and liabilities,

(b) apportion rights and liabilities, or

(c) transfer property of, or accrued rights in, one pension scheme to another (with or without consent).

(4) Provision by virtue of this paragraph may (but need not) amend the terms of a pension scheme.

(5) A share or property transfer instrument may make provision in reliance on this paragraph only with the consent of the Treasury.

(6) In this paragraph—

(a) “pension scheme” includes any arrangement for the payment of pension, allowances and gratuities, and

(b) a reference to a pension scheme of a CCP is a reference to a scheme in respect of which the CCP, or a CCP group company, is or was an employer.

Commencement Information

I1 Sch. 11 para. 103 not in force at Royal Assent, see s. 86(3)

I2 Sch. 11 para. 103 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)